Penalty Imposed for Non-Filing of Annual Information Return u/ss 271FA & 274 of Income Tax Act.

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....Penalty u/s 271FA r.w.s. 274 - non filing of AIR return without considering reasonable cause - penalty will be justified and it will be a message to the government authorities, so that in future such casual approach should not be taken and compliance to the statutory requirements including reply of notices by Income Tax Department should be adhered to....